Friday, 31 August 2012

Hiring PPI Claims Company For Reclaiming Mis-Sold Policies.

There are many types of insurance policies and a layman may not be able to differentiate between them. But don’t fret. Help is at hand.

Payment protection insurance, popularly abbreviated as PPI is a sort of insurance policy that covers the liability of a debtor in case he fails to make his payments in time. These policies are issued along with insurance policies as well as loans and the debtor or the policy holder is liable to pay for maintaining their PPI policy. However, the borrower or the policy holder can exercise their right to cancel this type of policy by requesting for a policy claim.

Nowadays these claims are getting more and more common. Although these polices were considered as a good option when they were newly introduced, people soon realized the futility attached with the whole scheme. Policy holders everywhere are filing lawsuits for exempting their insurance covers and loans from this policy. This has given rise to PPI Claims Company that deal with these lawsuits on behalf of the debtors or insurance holders.

A PPI Claims Company helps people in canceling their policy and thereby entitling them to receive the sum they spent on purchasing as well as maintaining their Payment Protection Insurance policy. These claims are of different types and the rules and regulations associated with them tend to vary depending on the financial agreement originally signed between the borrower and the financial company. An insurance claims company can help their customers to reclaim payment protection insurance without sustaining much loses.

Mis-sold PPI policies are easier to handle when it comes to reclaiming them. As the name suggests, a Mis-Sold is a policy that is thrust on a customer without his knowledge. There had been several cases where banks and financial institutes have tricked their customers to pay for the policies without their written consent. Customers approach for these claims after paying for it for several months. Some insurance companies or financial lenders cancel the insurance policy and refund the claim amount to avoid legal complications. However, this doesn’t happen so in case of all the insurance claims made by innocent customers. This is where a PPI claims company has to step in.

In order to reclaim payment protection insurance amount the customer has to prove that he was unaware about the existence of such a policy at the time of availing the financial service offered by the company. If the customer cannot prove that he was subjected to a Mis-sold PPI, he might not be entitled to receive the money he spent on maintaining the policy so far. However, even in such a case there are provisions to cancel the existing claim and thereby get an exemption from paying for the policy in future. Hiring a legal firm or a PPI claims company is the easiest way to handle a complex insurance claim. The entire procedure involves several legal proceedings and a customer cannot pull it off without getting any assistance from a lawyer. Thus hire one today for speedy results.